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When Crest Electric President Patrick Murphy learned that his son Ben wouldn't be joining the family business after graduating from college, he started thinking about selling the company.
"Succession issues came to the forefront, so I started thinking about selling a year and a half ago," Murphy said of the company founded by his father in the early 1950s.
In passing, Murphy told Payne Electric co-owner Al Schroer that he would be interested in selling if the opportunity presented itself. Schroer informed Payne President David Payne, who began pursuing a deal to purchase Crest. "We're not an electrical contracting firm looking to grow through acquisitions, but we'd been thinking...